Broad-Based Uranium Mineralization Intercepts In Initial Holes From Australian Exploration Program

TORONTO - Laramide Resources Ltd. reported on the first two diamond drill holes from the Amphitheatre exploration target at its Westmoreland Uranium Project in Queensland, Australia.  These results are the first received from a 4,000+ meter exploratory drill program announced in July. The program was designed to include a mixture of infill but also to test new prospects for possible expansion across four discrete targets, which are described in more detail below. This season's exploration campaign in Australia also includes on ground exploration and target generation at the Company's contiguous Murphy Project in the Northern Territory. The 2023 exploration drilling program commenced at Amphitheatre uranium prospect and comprised nine holes for a total of 855.8m diamond drilling. Assay results from the first two holes at Amphitheatre, AM23DD001 & 002, have been received. AM23DD001: 1) Near surface 1m @ 660ppm U3O8 from 1m. 2)  3m @ 177 ppm U3O8 from 7m. 3) 5.5m @ 242 ppm U3O8 from 34.5m including 0.59m @ 1,249ppm (0.12%) U3O8 from 36.81m. 4)  3.32m @ 253 ppm U3O8 from 47.68m. 5) 2.5m @ 775 ppm U3O8 from 52.5m. AM23DD002 18.41m @ 352 ppm U3O8 from 49.21m including 0.66m @ 2,452ppm (0.25%) U3O8 from 49.21m and 0.84m @1,910 ppm (0.19%) U3O8 from 69.06m.

This season's exploration drilling campaign at Westmoreland has two objectives: resource infill and extension at the Huarabagoo and Long Pocket deposits, and exploration drilling of new targets at Amphitheatre and Black Hills. The 2023 exploration program, which commenced in July, has completed a total of 30 holes to date (9 at Amphitheatre, 15 at Long Pocket, 3 at Black Hills and 3 at Huarabagoo). Nine holes remain to be drilled in the current program which should be completed by the end of October.

To date, drilling has identified multiple, shallow, mineralized horizons all hosted within the PTW4 unit of the Westmoreland Sandstone. Results from the remaining seven holes drilled at Amphitheatre, which were completed in August, are pending. Interpretation of geology and mineralisation controls is ongoing and will be refined as more results are received.

President and CEO, Marc Henderson, said, "Our drill program at Westmoreland is off to an excellent start, with the first of our exploration drillholes at Amphitheatre returning multiple zones of mineralisation; we look forward to updating investors as more assays are received. We believe the exploration potential at Westmoreland to be exceptional and underappreciated, likely because this is the first substantial exploration drilling campaign undertaken by Laramide since 2012."